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Informist, Monday, Feb. 10, 2025

By Akash Mandal

MUMBAI – Benchmark indices are expected to be range-bound with a negative bias Tuesday as overall sentiment in the market will remain weak, analysts said. Investors now eye Prime Minister Narendra Modi's two-day visit to the US, where he will meet US President Donald Trump and is expected to discuss tariff cuts by India that could boost US exports to India and avoid a potential trade war. Positive announcements from the meet could lead to the market getting a boost, analysts said. 

The Nifty 50 is expected to be sideways as sentiment in the market will remain weak, Nandish Shah, senior derivatives analyst at HDFC Securities said. The broader market also looks weak, and the judging by the close of broader market indices Monday, these may fall further, Shah said. The downside to the benchmark index looks limited for now and the Nifty 50 is likely to take support at 23300 points, Shah said. 

The Nifty 50 ended Monday at 23381.60 points, down 178.35 points or 0.8%, and the BSE Sensex closed at 77311.80 points, down 548.39 points or 0.7%. Broader market indices ended sharply down, and the Nifty Smallcap and Nifty Midcap indices ended over 2% down. 

The Nifty 50 remains in the 'buy-on-dips' zone and will gain momentum only if it sustains above 23630 points and 23800 points, with the latter a major resistance, Ashish Sherigar, technical analyst at NVS Brokerage, said. The Nifty 50 did not breach 23300, which is a crucial support level. This implies the index could attract fresh buying interest, Sherigar said. The zone between 23,300 and 23,220 now serves as a crucial support range, and a breakdown below this level could trigger further downside towards 23,080 and 22,800, the analyst said.

Investors will react to the December quarter earnings of Eicher Motors. After market hours, the company reported a consolidated net profit of INR 11.71 billion, rising almost 18% on year but missing analysts' estimates of INR 11.91 billion. The stock had risen over 1% to an intraday high Monday on expectations of positive earnings. However, it failed to maintain its gains amid the broader downtrend and ended 0.7% lower.

Escorts Kubota's net profit of INR 3.23 billion quarter was in line with the Street's view and was up over 8% on year. The stock had closed 1% higher Monday ahead of its earnings. FSN E-Commerce is likely to see action after its bottom line rose 61% on year at INR 261.20 million but still fell short of estimates of INR 379.83 million. The stock ended 2% lower Monday. Grasim Industries, Apollo Hospitals, and Patanjali Foods will report their quarterly earnings later Monday. 

Tuesday will be a breather on the earnings front, with no Nifty 50 constituent expected to report earnings. Among the companies that are due to announce results on Tuesday, Indian Railway Catering and Tourism Corp. is expected to report a net profit of INR 12.20 billion for the quarter, up 9% on year. The stock ended slightly down Monday, but has ended in the red in the past three sessions, and is down over 2% in these sessions. Steel Authority of India's net profit is expected to fall 48% on year to INR 1.71 billion. The stock ended down 5%. Lupin, another company set to announce its earnings Tuesday, is expected to report a 28% rise in its consolidated net profit to INR 7.86 billion, while its top line growth is seen to be the slowest in eight quarters. The stock ended 1.4% lower Monday but has gained over 8% in three sessions before Monday.  

Shares of Rail Vikas Nigam might also see action as the company was declared the lowest bidder for a INR 3.55 billion order from Southern Railways.  End

Edited by Saji George Titus

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